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  • Writer's pictureGargi Parkhe

The Indian Tech Industry

The Indian IT industry crossed the $200-billion mark in revenue this fiscal year, creating a watershed moment for India’s technology services sector. It has cemented its position as the biggest private-sector employer in India, accounting for 5 million direct jobs, with over 2 million added in the last 2 years.

Of this, 450,000 were added in the FY2022 alone, the highest addition ever as companies stepped up hiring to meet the rising demand. Close to 1.8 million were women employees, with 200,000 being hired in FY22.

The software services industry employs 1.8 million women, accounting for 36% of the overall workforce, making it one of the largest private-sector employers of women in India.

The industry includes IT services, BPM, and captives added $30 billion in incremental revenue and grew 15.5 percent, the highest ever since 2011. This came at the back of the rapid pace of technology adoption and migration to cloud post-pandemic boosted the demand for outsourcing services.

It is estimated that the fiscal year 2022 revenues for the Indian technology services are going to be $209 billion, with 30-32% of the growth coming from digital. With the industry growing at 11-14%, the sector revenue is projected to reach $350 billion by the year 2026. It is said that hiring from campuses and non-engineering talent will increase in 2022, with digital talents accounting for up to 50% of it.

While talent is one of the key challenges that the industry is facing, the tech talent demand-supply gap is at 21.1 percent which is the lowest in the world.

The shift towards hiring people from the tier-2 and tier-3 cities has become a key focus area for the companies. It will also help bridge the talent supply gap. Efforts are on to address the same.

India, meanwhile, continues to be the third-largest startup hub globally with more than 25,000 tech startups and witnessing the birth of 42 new unicorns and 11 IPOs (initial public offerings) in 2021. Over 2,250 tech startups were founded in 2021 and the total highest-ever funding of $24 billion was raised in 2021.

In Conclusion, Significant growth has been reported after the pandemic. Indian organizations have been relying heavily on digitization in order to sustain and overcome business challenges. Many job portals have witnessed of increase in hiring activity this past few months as compared to the hiring last year. That has changed the viewpoints and forced the recruitment experts to source and onboard candidates with unique and different strategies to close the roles. In such talent market dynamics, all organizations must prioritize the physical, emotional, financial, and emotional well-being of their employees to build a truly agile workforce. In times when the recruitment landscape is changing at an unpredictable pace, the key to success is to be responsive to the needs and requirements of the changing times.

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